Papa John’s 13D filer Legion reports 5.46% stake
Papa John’s International [NASDAQ: PZZA] investor Legion Partners Asset Management, LLC has filed a 13D reporting a stake of 5.46%. In the Monday 13D Legion disclosed it has had contact with PZZA's Special Committee and is encouraged by its actions to improve shareholder value.
Legion stated it believes there are "multiple potential paths to significantly higher valuations exist for the issuer through strategic partnerships or improving operations as a stand-alone company."
Legion Partners is represented by Kleinberg, Kaplan, Wolff & Cohen.
An August report cited two sources familiar with the situation that said PZZA has enlisted Bank of America and Lazard to pursue strategic alternatives including a possible sale, according to two sources familiar with the situation.
PZZA, the publicly traded pizza franchise company, has a market cap of USD 1.56bn.